This study aims to analyze the implementation of fiduciary guarantees in consumer financing agreements when debtors are declared bankrupt according to Indonesian law and to formulate a reconstruction of the legal framework for its implementation in order to realize legal certainty and justice for creditors and debtors. The research problem is focused on two things, namely how the implementation of fiduciary guarantees is regulated in consumer financing agreements when the debtor is declared bankrupt and how the legal framework for the implementation of fiduciary guarantees needs to be reconstructed in order to provide legal certainty and justice for the parties in the bankruptcy process. This study uses normative legal research methods with a statutory approach, a conceptual approach, and a case approach. The legal materials used include primary legal materials in the form of laws and regulations, secondary legal materials in the form of books and scientific journals, and tertiary legal materials as support. The analysis of legal materials is carried out qualitatively through legal interpretation and argumentation. The results of the study show that the implementation of fiduciary guarantees in consumer financing agreements when the debtor is declared bankrupt places the creditors of the fiduciary guarantee holder as separatist creditors who have a preferential right to execute the object of the guarantee. However, in bankruptcy practice, the exercise of these rights often faces restrictions due to the suspension of execution and the curator's authority in the management of bankruptcy assets. This condition shows that there is an inconsistency between Law Number 42 of 1999 concerning Fiduciary Guarantees and Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations which creates legal uncertainty in practice. Therefore, it is necessary to reconstruct the legal framework through the harmonization of regulations between fiduciary guarantee law and bankruptcy law in order to create legal certainty and a balance of legal protection for creditors and debtors in the bankruptcy process.